A college is three things at once — an academic institution, a federal financial aid conduit, and a business — and the law treats each differently. This article explains the three-part gatekeeping system that determines whether a school may exist, may operate in a state, and may receive federal student aid, and what happens when any leg fails. It covers accreditation and what accreditors actually do, the program participation agreement that turns a school into a fiduciary of federal money, and the enrollment agreement that is the student's real contract. It explains why credits do not transfer, why transcripts get withheld, and what a closed-school discharge does and does not cover. It covers teach-out agreements, the difference between an orderly closure and an abrupt one, and the remedies available to students when a school misrepresents outcomes. It closes with what to check before enrolling anywhere.